Morocco Country Profile

07/01/2019 593

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Moroccan Economy panorama

Morocco has capitalized on its proximity to Europe and relatively low labor costs to work towards building a diverse, open, market-oriented economy.

Since the accession to the throne of the King MOHAMMED VI in 1999, His Majesty has presided over a stable economy marked by steady growth, low inflation, and gradually falling unemployment, although poor harvests and economic difficulties in Europe contributed to an economic slowdown.

In this regard, it’s interesting to underline the following:

1.Morocco’s key sectors of the economy include agriculture, tourism, aerospace, automotive, phosphates, textiles, apparel, and subcomponents.

2.Morocco has increased investment in its port, transportation, and industrial infrastructure to position itself as a center and broker for business throughout Africa.

3.Morocco’s industrial development strategies and infrastructure improvements - most visibly illustrated by a new port and free trade zone near Tangier - are increasing Morocco's competitiveness.

4.Morocco entered into the processes of economic openness and integration into the global economy which is consolidated through the conclusion of free-trade treaties with the United States, the European Union, Turkey, member States of the Arab League as part of the Greater Arab Free Trade Area, and the Mediterranean Arab countries as part of Agadir Agreement. A trade agreement with The West African Economic and Monetary Union (UEMOA) should shortly come into force.

5.Morocco also seeks to expand its renewable energy capacity with a goal of making reneable more than 50% of installed electricity generation capacity by 2030.

Morocco- The leading country economy in North Africa, published by "The Times" on Tuesday, 20th November 2018.

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